SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Industrial Markets to Watch. Not the largest or the most actively contested markets, the 2016 Industrial Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.
Top Industrial Market to Watch: Greenville-Spartanburg
The Greenville-Spartanburg region has experienced significant gains in its labor force, and overall employment is growing at a 2.6% annualized rate with unemployment holding steady at 4.9%, according to the Bureau of Labor Statistics. Key industrial sectors of Trade, Transport, and Utilities and Manufacturing are growing at annualized rates of 2.6% and 1.3%, respectively, setting up the industrial market for gains in 2016 and beyond. As South Carolina is well located for distribution in the Southeast, connected to ports, and unfriendly to labor unions, it is likely to continue to see expansion in its industrial sectors including those of Greenville-Spartanburg. Low cost of living and operating costs also serve to boost overall business development.
Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.
To read more on other top industrial markets, download the full version of the 2016 Industrial Market Outlook report here.
[bctt tweet=”Greenville-Spartanburg, SC is one of 2016’s top industrial #CRE markets to watch.” username=”svnic”]
What has been your strategy for growing your firm and also your market share?
From day one, our strategy at SVN/BlackStream Commercial, LLC has been providing premiere service to our clients. We always go the extra distance to satisfy their needs, making them feel they are getting more by working with us. Over time, we have built a nice reputation in our market. Our level of service has spread by word-of mouth and business has flourished as a result, garnering more referrals than by any other marketing means. We are generally a 100% referral program, though we are always looking to get new leads through additional avenues. Another strategy we utilize is staying informed, and on top of, trends in the market place. We try to be very innovative and think outside of the box, often presenting sites to our clients that most people may not know about, i.e. The city has plans to put a new park at a certain location. It is necessary that we have a pulse on our market in order to help our clients understand where the value is, and where it is headed. We also look to the Sperry Van Ness platform whose systems and name recognition have been extremely beneficial for business.
What are some of the unique activities you do to motivate your team?
Our number one motivation is helping our team understand and hone their respective talents. Once defined, we aim to help them stay focused and specialized by utilizing their best strengths. We hold a staff meeting every week where we collaborate and share ideas. On the horizon, we plan to have more team building activities.
What’s been the biggest challenge in running your business in the last few years?
The biggest challenge has been recovering from the commercial real estate market downturn. It was difficult with banks not loaning money to investors and the market just not being where it needed to be. As the market has recovered, more and more opportunities have been presenting themselves.
How many Advisors/Staff did you have when you joined SVN? How many (in total) do you have now?
When we joined Sperry Van Ness we had a staff of 6: 2 Managing Directors, 3 Advisors and an Administrative Assistant. We recently added another Advisor, bringing our team total to 7.
Contact: Ford Elliott
Sperry Van Ness/BlackStream Commercial, LLC
Greenville & Columbia, SC
*All Sperry Van Ness® offices are independently owned and operated.
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